Charlotte Russe (retailer)
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Retail |
| Founded | 1975 (original) Carlsbad, California, U.S. |
| Founder | Daniel Lawrence |
| Headquarters | Toronto, Ontario, Canada |
Number of locations | 196 (Sept 2023) |
| Products | Clothing, footwear, and accessories for women |
| Parent | YM Inc. |
| Website | www |
Charlotte Russe Inc. is a women's apparel retail company based in Toronto, Canada. The brand primarily serves female customers in their teens and early twenties. As of September 2023, the retailer operates 196 outlets mainly situated within shopping malls and retail centers.
History
Established in 1975 by Daniel Lawrence along with his brothers, who came from a family with roots in the Brooklyn, New York clothing industry, Charlotte Russe launched its first store in San Diego, California. The business saw steady growth throughout the late 1970s and early 1980s under the management of Lawrence Merchandising Corp.
In 1996, the investment group SKM (Saunders Karp & Megrue) acquired the company with ambitions to develop it into a nationwide mall-focused retailer. SKM took Charlotte Russe public in 1999. A decade later, in 2009, private equity firm Advent International purchased the brand, returning it to private ownership with Jenny Ming as CEO.
By January 2019, facing declining revenues and increased debt obligations, Charlotte Russe issued warnings about possible bankruptcy or asset liquidation. The company filed for Chapter 11 bankruptcy protection in February 2019 and announced plans to shutter 94 stores that were underperforming due to weakening consumer demand and difficulties sustaining a broad physical retail network.
In March 2019, SB360 Capital Partners acquired Charlotte Russe’s inventory and assets for $160 million but opted not to continue operating the business. As a result, all remaining stores—including 418 Charlotte Russe locations and 10 Peek Kids outlets—were closed by April. Peek Kids was divested separately to Mamiye Brothers, which maintains its online operations.
In April 2019, Canadian retail firm YM Inc., headquartered in Toronto, purchased Charlotte Russe. Since then, under YM Inc.’s ownership, the brand has expanded its store presence with a focus on Generation Z shoppers. By the end of 2019, Charlotte Russe managed 183 stores with additional growth anticipated.
External links
- Clothing brands of the United States
- Clothing retailers of the United States
- Companies based in San Diego
- Companies that filed for Chapter 11 bankruptcy in 2019
- Retail companies established in 1975
- 1975 establishments in California
- American companies established in 1975
- Clothing companies established in 1975
- Companies of the United States by year of establishment